Cuomo's proposed state budget includes minimum wage hike

Gov. Andrew Cuomo’s $136.5 billion executive budget for 2013-14 includes $150 million for a third round of competition between the state’s regional economic development councils, and a $1.50 per hour increase in the minimum wage.

The budget, released Tuesday, also includes $165 million for job creation and investments in business expansion and attraction, a new $50 million venture capital fund for seed and early stage companies, and $5 million in performance grants for community colleges that place students in high-demand jobs.

It extends the Historic Commercial Properties Rehabilitation Credit for five years, through 2019. The program allows for tax credits of up to $5 million per project, with the tax credit refundable as of 2015,

The proposed spending plan eliminates a $1.3 billion budget gap with no new taxes or fees, increases spending by less than 2 percent for the third straight year, increases aid for education by 4.4 percent, and targets economic development spending, Cuomo said.

The executive budget increases the state’s minimum wage to $8.75 from $7.25.

“By making difficult decisions over the past two years, we have brought stability, predictability, and common sense to the state budget process,” Cuomo said in a statement. “Two consecutive fiscally responsible budgets have drastically reduced the deficit we face in this fiscal year, and those we will face in years to come.

“As a result, we are able to make critical investments to build a world-class education system, support job-creating projects in all corners of the state, provide assistance to local governments, and rebuild communities that were hit hard by Hurricane Sandy.”